Saudi Arabia’s Red Sea Global eyes IPO, REITs as resort openings gain pace

Amaala is set to open by year-end and will feature wellness and hospitality brands. File/SPA
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Updated 20 August 2025
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Saudi Arabia’s Red Sea Global eyes IPO, REITs as resort openings gain pace

  • Shoura Island will welcome guests this year at 11 luxury resorts
  • Construction at the wellness-focused Amaala project is progressing rapidly

RIYADH: Saudi Arabia’s Red Sea Global is considering a range of alternative financing options in the near future, including an initial public offering or converting assets into real estate investment trusts, according to its chief executive officer.

Speaking to Al-Eqtisadiah, John Pagano said no final decisions have been made, but emphasized the company’s focus on leveraging current momentum, with resorts now operational and more hotel openings expected this year.

Shoura Island, the flagship of the Red Sea destination, will welcome guests this year at 11 luxury resorts operated by global hospitality brands, including Rosewood, Four Seasons, Grand Hyatt, EDITION, and Raffles.

Construction at the wellness-focused Amaala project is also progressing rapidly, with core infrastructure complete and its first hotels nearing launch, Pagano said.

Six resorts have opened under the Red Sea destination so far, including Desert Rock and Shebara, which are fully owned and operated by Red Sea Global. The exclusive Thuwal Private Retreat has also been unveiled as the company’s third destination.

Red Sea Global has also launched residential offerings on Shoura and Ummhat islands, in addition to announcing Lahak Island earlier this year, which drew strong local and international attention, he said.

Amaala is set to open by year-end and will feature wellness and hospitality brands such as Jayasom, Six Senses, Rosewood, Equinox, and Clinique La Prairie. The destination aims to deliver experiences centered on healing, exploration, and renewal.


Cruise Saudi strengthens global ties as Celestyal makes maiden calls to Jeddah

Updated 10 December 2025
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Cruise Saudi strengthens global ties as Celestyal makes maiden calls to Jeddah

JEDDAH: Saudi Arabia is accelerating its push to become a global cruise hub, with Cruise Saudi — a wholly owned Public Investment Fund subsidiary — expanding international partnerships to draw more travelers to the Kingdom’s Red Sea and Arabian Gulf ports.

The latest milestone came as award-winning Greek cruise line Celestyal completed its first-ever calls to Jeddah, signaling rising global interest in Saudi Arabia’s cultural and natural attractions.

The visits form part of Cruise Saudi’s strategy to build a year-round cruise ecosystem that supports tourism growth, boosts local supply chains, and contributes to the Kingdom’s broader economic diversification.

Three UNESCO World Heritage Sites — AlUla, Jeddah Historic District, and Al-Ahsa Oasis — are now accessible by sea, with curated shore excursions designed to deepen visitor engagement.

Cruise Saudi aims to welcome 1.3 million cruise passengers annually by 2035, creating 50,000 direct and indirect jobs and positioning the Kingdom as a premier international cruise destination.

The 1,360-passenger Celestyal Discovery arrived in Jeddah on Dec. 5, following the 1,260-passenger Celestyal Journey, which made its maiden call on Nov. 29. The Journey concluded a seven-night Athens–Jeddah itinerary with stops in Turkiye and Egypt, marked by a traditional plaque exchange ceremony attended by Cruise Saudi executives, port officials and Celestyal representatives.

Passengers were welcomed with traditional Saudi hospitality and toured Jeddah’s historic Al-Balad district, bustling souks, and cultural sites. Some Muslim travelers also visited Makkah to perform Umrah.

“We are honored to celebrate our maiden call in Jeddah alongside our partners at Cruise Saudi, marking the beginning of a long and effective relationship,” said Lee Haslett, chief commercial officer at Celestyal.

He added that Jeddah’s role as “the cultural heart of Saudi Arabia” presents strong potential for cruise tourism.

Barbara Buczek, chief destination experiences officer at Cruise Saudi, told Arab News: “This maiden Red Sea sailing highlights the strong appeal of the region and aligns with Cruise Saudi's commitment to developing seamless, high-quality cruise experiences in Saudi Arabia.”

She noted that Celestyal’s expanded itineraries reflect rising demand for distinctive Red Sea and Arabian Gulf voyages.

Since its launch in 2021, Cruise Saudi has activated five cruise ports, introduced Aroya Cruises, the Kingdom’s first homegrown cruise line, and established Aman at Sea, an ultra-luxury JV with Aman Group set to launch in 2027. The company manages the full value chain — from terminals and berths to curated excursions — and has already welcomed more than 600,000 passengers of over 120 nationalities.

Celestyal, which carries more than 140,000 passengers annually across two refurbished vessels, is aligning with the Kingdom’s Vision 2030 ambition to transform coastal tourism. After departing Jeddah, both Celestyal ships continued to Abu Dhabi to begin the company’s second Arabian Gulf season.

Aroya Cruises has also launched a new seasonal program featuring stops in Mykonos, Athens, Crete, and coastal cities in Turkiye, expanding on a successful inaugural season that attracted over 95,000 guests.

The growing activity underscores Saudi Arabia’s emergence as a world-class cruise destination, supported by modern infrastructure, expanding routes, and experiences that highlight the Kingdom’s culture, heritage and hospitality.